Would you retire with a NW of $10m?

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, my answer to your question would depend on the following factors:

1. Whether I like my current job
2. Whether the current job is demanding and takes me away from my family too much
3. Whether anyone in my family has health or other issues that could benefit from having more of my time and attention
4. Whether college funds are fully funded or not
5. Whether house is paid off
6. Whether we have any other major expenditures coming in the future that have not been saved for

OP here:
1. Whether I like my current job. I feel burned out. Otherwise, I probably would not be crunching retirement numbers.
2. Whether the current job is demanding and takes me away from my family too much Yes. It's a very demanding job.
3. Whether anyone in my family has health or other issues that could benefit from having more of my time and attention My parents are not the youngest, so yes.
4. Whether college funds are fully funded or not We should have enough for in-state tuition. The youngest has $200k in their 529. The older ones have more.
5. Whether house is paid off About 800k mortgage @2.75%
6. Whether we have any other major expenditures coming in the future that have not been saved for I guess, nobody really knows

Take a sabbatical.

[Anonymous]

What? Is this a real post?

I am cracking up.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, my answer to your question would depend on the following factors:

1. Whether I like my current job
2. Whether the current job is demanding and takes me away from my family too much
3. Whether anyone in my family has health or other issues that could benefit from having more of my time and attention
4. Whether college funds are fully funded or not
5. Whether house is paid off
6. Whether we have any other major expenditures coming in the future that have not been saved for

OP here:
1. Whether I like my current job. I feel burned out. Otherwise, I probably would not be crunching retirement numbers.
2. Whether the current job is demanding and takes me away from my family too much Yes. It's a very demanding job.
3. Whether anyone in my family has health or other issues that could benefit from having more of my time and attention My parents are not the youngest, so yes.
4. Whether college funds are fully funded or not We should have enough for in-state tuition. The youngest has $200k in their 529. The older ones have more.
5. Whether house is paid off About 800k mortgage @2.75%
6. Whether we have any other major expenditures coming in the future that have not been saved for I guess, nobody really knows

Take a sabbatical.

I would say there is no point in paying off your mortgage early when the interest rate is only 2.75%. After tax investment returns will almost certainly exceed 2.75%. You also need to consider your tax situation, because you can itemize mortgage interest on your tax return if it is more favorable than taking the standard deduction. Even at 2.75% that provides around 20k for an itemized deduction. Plus 10k for SALT taxes and you are already at 30k which is more than the standard deduction this year. The TCJA, will expire soon which will make it more favorable to itemize. Once the TCJA expires, the standard deduction for a married couple will only be around 16k. In you situation, you will come out ahead by itemizing this mortgage interest when TCJ expires. The tax adjusted interest rate is even lower than 2.75%.

[Anonymous]

I would. My number is $5m in investible assets, exclusive of 529 plans, home equity, and accounts in my spouse's control. I'm out whenever I hit that number and 529 plans are fully funded ($300k per kid).

[Anonymous]

In a heartbeat

[Anonymous]

No, I don't think I would retire even with much more than $10M.

Mid-40s, 3 kids in elementary school.

I like to work and make money.

I'm competitive and this is how I compete now - I want to be at the top of my field, I want my company to be successful - so I would keep working for those reasons.

[Anonymous]

Anonymous wrote:No, I don't think I would retire even with much more than $10M.

Mid-40s, 3 kids in elementary school.

I like to work and make money.

I'm competitive and this is how I compete now - I want to be at the top of my field, I want my company to be successful - so I would keep working for those reasons.

You must have a plan for retirement and what to do with yourself. You cannot just go from high power, being important and in charge to nothing. If you do you are likely to not have long left to do it. Our concierge doctor stated that more men dies within 1-2 years after retirement, even at 55. You need a plan to be happy/have something to do

[Anonymous]

Anonymous wrote:No, I don't think I would retire even with much more than $10M.

Mid-40s, 3 kids in elementary school.

I like to work and make money.

I'm competitive and this is how I compete now - I want to be at the top of my field, I want my company to be successful - so I would keep working for those reasons.

Nah. You’re just used to working. You’re like a hamster on a wheel and you don’t know there is an entire world out there. Since you’ve been focused on work you don’t have friends or hobbies.

[Anonymous]

Anonymous wrote:

Anonymous wrote:No, I don't think I would retire even with much more than $10M.

Mid-40s, 3 kids in elementary school.

I like to work and make money.

I'm competitive and this is how I compete now - I want to be at the top of my field, I want my company to be successful - so I would keep working for those reasons.

You must have a plan for retirement and what to do with yourself. You cannot just go from high power, being important and in charge to nothing. If you do you are likely to not have long left to do it. Our concierge doctor stated that more men dies within 1-2 years after retirement, even at 55. You need a plan to be happy/have something to do

Lol had to slip the “concierge” in there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:No, I don't think I would retire even with much more than $10M.

Mid-40s, 3 kids in elementary school.

I like to work and make money.

I'm competitive and this is how I compete now - I want to be at the top of my field, I want my company to be successful - so I would keep working for those reasons.

Nah. You’re just used to working. You’re like a hamster on a wheel and you don’t know there is an entire world out there. Since you’ve been focused on work you don’t have friends or hobbies.

NP here who can’t wait to retire (and I’m only 46) but you should do some thinking about why you’re so bothered by a person thinking/feeling differently from yourself. I personally know plenty of type-A, career driven people who also maintain strong friendships. In fact, people who are intense about work are often also intense about their hobbies, sports, friendships.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I retired long ago, but not even because of money, but because work place was so toxic. It must be nice to have a job one wants to keep.

OP here. And yes, this is my situation as well. Obviously, we won't be able to maintain our current lifestyle. But I figured, life is short...

Same thing with me. I was 48. I am an RN and got streamed at by a doctor. That was my last shift ever. I'm not that desperate for money

[Anonymous]

Anonymous wrote:

Anonymous wrote:Do you have mortgage?

Do you have fully funded 529s?

OP here.

800k left on the mortgage, but I think I will be paying it down. Obviously, this does not affect NW.
Kids should have enough for instate (NW does not include their 529s)

Good lord, net worth of $10M means kids can’t go wherever they want for college? There are many, many reasons to stay in state and not blow huge amounts of money on a bachelor’s degree, but having only $10M isn’t one of them. We have a net worth of maybe $2.8M and I just think of college as fully funded (we still work, mid-50s, 2 kids in middle school, HHI about $200k.

I went in state for undergrad and private for a masters after working for 4 years (and my dad, who was the first person in his family to go to college, paid for it) once I had a clearer idea of career goals.

[Anonymous]

Lala land

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Do you have mortgage?

Do you have fully funded 529s?

OP here.

800k left on the mortgage, but I think I will be paying it down. Obviously, this does not affect NW.
Kids should have enough for instate (NW does not include their 529s)

Good lord, net worth of $10M means kids can’t go wherever they want for college? There are many, many reasons to stay in state and not blow huge amounts of money on a bachelor’s degree, but having only $10M isn’t one of them. We have a net worth of maybe $2.8M and I just think of college as fully funded (we still work, mid-50s, 2 kids in middle school, HHI about $200k.

I went in state for undergrad and private for a masters after working for 4 years (and my dad, who was the first person in his family to go to college, paid for it) once I had a clearer idea of career goals.

Ultimately, you are right. The kids will be able to go private, assuming that the private that they want to go to is better than in-state. I am a big believer in higher education and will compromise as needed. I just feel like by staying in my current job I am compromising my health.

[Anonymous]

Yep - no question.